フィリピンが魚泥棒を取り締まるのは当り前。
尖閣列島沖漁船衝突事故も同じ構図。
中国は数千年の歴史と伝統を誇る大国。
泥棒が英雄になる現在の社会的構図はおかしい。
（スラチャイ）
--The Asahi Shimbun, June 5
EDITORIAL: U.S., China really need to talkPrevious ArticleEDITORIAL: Summit of 2 main parties seems the obvious way to go
南シナ海―中国は力をたのむな
TweetChina, with its growing economic and military might, is becoming more aggressive in asserting its maritime interests in the region.
経済力とともに軍事力を伸ばす中国が、海洋権益で強い姿勢に出ている。
China needs to stop its saber-rattling and make serious efforts to improve the climate for cool-headed international talks over sensitive issues that involve its neighbors.
力を振りかざすのはやめ、冷静に対話する環境づくりに努めるべきだ。
In recent weeks, tensions have been running high between China and the Philippines over the issue of sovereignty over the Scarborough Shoal, a rocky outcrop in the South China Sea.
南シナ海・スカボロー礁（中国名・黄岩島）で、領有権をめぐり、フィリピンとの緊張が続いている。
The Chinese media increasingly has been arguing for the use of military force to solve the territorial dispute. This view seems to reflect opinions in military circles.
中国では、軍事力行使を求める主張が、軍関係者や当局と結びついたメディアから出ている。
There is a huge gap in the naval power of each country. China has been racing to build up its military might and is now close to deploying its first aircraft carrier, while the Philippines doesn’t even have a vessel armed with missiles.
軍拡路線をひた走り、空母の正式配備が近づく中国と、ミサイル搭載の艦船も持たないフィリピンの軍事力の差は歴然としている。
However, the Philippines has a mutual defense treaty with the United States. The territorial dispute threatens to escalate into a dangerous confrontation that could involve the United States.
だがフィリピンには米国と結ぶ相互防衛条約がある。このままでは米国も巻き込んだ緊張が高まりかねない。
The waters around the Scarborough Shoal, a triangular chain of rocks and reefs located some 230 kilometers off the western coast of Luzon island in the Philippines, are rich fishing grounds that draw fishermen from a number of countries.
フィリピンのルソン島から西約２３０キロにあるこの海域は、各国の漁民が入り乱れる漁場だった。
Tensions flared in April after the Philippines sent a frigate to the area to chase off Chinese fishing vessels operating there.
４月にフィリピン海軍の軍艦が中国漁船を取り締まろうとして、対立に火がついた。
Two months on, patrol boats from both countries remain stationed around the shoal in a continuing standoff.
以来２カ月、両国の監視船がにらみあっている。
Beijing’s hard-nosed attitude reflects a growing sense of national greatness among Chinese.
中国の強硬姿勢の裏にあるのは、大国意識の強まりだ。
“A small country should not at will encroach on (the territory of) or provoke a large country,” China’s vice foreign minister, Fu Ying, wrote in a recent article in Lianhe Zaobao, a major Chinese-language newspaper in Singapore. Although she didn’t name any specific country, she was evidently referring to the Philippines.
「小国は意のままに大国を侵害したり、挑発したりしてはならない」
シンガポールの有力中国語紙「聯合早報」に先日、中国の傅瑩（フー・イン）外務次官の投稿が載った。名指しはしていないが、フィリピンを念頭に置いていることは明らかだ。
“A large country doesn’t belittle a small country,” Fu said.
But such remarks inevitably make China’s neighbors jittery.
「大国は小国を軽視しない」という下りもあったが、これでは周辺の国々が不安を抱くのは無理もない。
If it is a great power, China should act like one and exercise more self-control.
大国ならば大国らしく、中国は自制を利かせてはどうか。
China’s rise is disturbing the established order in the region. Thus, the presence of U.S. forces is assuming increasing importance as a stabilizing factor.
中国の台頭で地域の秩序が揺らぎを見せるとき、安定の要素として、これまで以上に重みをますのが、米軍の存在だ。
During a recent international conference held in Singapore, U.S. Defense Secretary Leon Panetta outlined Washington’s strategy to expand its military presence in the Asia-Pacific region. The United States will reconfigure its naval forces from a 50-50 split between the Pacific and the Atlantic oceans so that 60 percent of the fleet is assigned to the Asia-Pacific region by 2020.
シンガポールで開かれた国際会議でパネッタ米国防長官は、アジア太平洋に米軍を重点的に配置する方針を示した。太平洋と大西洋に半々で置いていた海軍の兵力を、２０２０年までに６対４の割合に変える。
The Obama administration, under strong political pressure to cut back on its defense spending, is withdrawing troops from Afghanistan and Iraq while placing greater security policy priority on Asia, a region which has massive trade flows with the United States and directly affects the country’s economic fortunes.
大幅な国防費削減を迫られ、アフガニスタンやイラクから兵力を撤退しつつ、貿易量が多くて米国の繁栄に直結するアジアを重視する。
Washington has made clear the United States has a clear national interest in maintaining the freedom of navigation in the South China Sea.
米政府は「南シナ海の航行の自由は米国の国益」との立場をとる。
Any U.S. action that could be construed by Beijing as ganging up on China is bound to cause alarm. Regional tensions will become inflamed if the United States draws its allies into a network to contain China.
ただ、「対中包囲網」の色合いが強まりすぎれば、中国の過度な警戒を呼び起こし、かえって緊張を招きかねない。
The United States and China should take every opportunity to explore ways of working together to build up a new order in the region that provides the necessary reassurance to neighboring countries.
米中両国は、あらゆる機会をとらえて互いの理解を図り、周辺の国が安心できる秩序を作ることが求められる。
Such efforts would help promote the prosperity of the nations concerned.
それが各国の繁栄につながる。
2012/06/10
2012/06/09
人口減少本格化 次世代支援にもっと知恵を
The Yomiuri Shimbun (Jun. 8, 2012)
More efforts, money needed to stop population decline
人口減少本格化 次世代支援にもっと知恵を（6月7日付・読売社説）
Japan has finally entered a period in which the population is decreasing substantially each year.
日本はいよいよ、本格的な人口減少時代に入った。
How can the nation deal with this unprecedented situation and maintain social vitality? We need to realize Japan has entered a critical stage.
史上例を見ない深刻な状況に、どのように対処し、活力を維持していくか。日本社会にとっての正念場であろう。
The Health, Labor and Welfare Ministry has released the nation's vital demographic statistics for 2011. The number of babies born last year hit a postwar low of about 1.05 million, while the number of deaths was about 1.25 million.
厚生労働省が２０１１年の人口動態統計を公表した。昨年は、生まれた赤ちゃんが１０５万人で戦後最少となる一方、１２５万人が亡くなった。
It was the first time since the survey started that a natural decrease in population exceeded 200,000, and the decrease is expected to grow year by year. This means that a population equivalent to core local cities such as Kofu and Matsue disappears every year.
日本の人口の自然減が２０万人を超えたのは初めてのことだ。減少規模は年々拡大する。甲府市、松江市といった中核都市が、毎年一つずつ消えていくに等しい。
The total fertility rate, or the average number of children a woman will have in her lifetime, was 1.39, the same as the previous year. The rate was on an upward trend after bottoming out in 2005, but it seems to have leveled off.
１人の女性が産む子の数に近い「合計特殊出生率」は前年と同じ１・３９だった。０５年以来、徐々に回復する傾向にあったが、頭打ちの感が強い。
===
People hesitate to start families
The average age at which first-time mothers gave birth was 30.1 in 2011, exceeding the age of 30 for the first time--demonstrating the current tendency for women to have babies later.
第１子出産時の母親の平均年齢が３０・１歳と、初めて３０歳を超えたことは、出産高齢化の進行を象徴している。
The number of marriages last year was 662,000, another postwar low. This illustrates the growing trend for people to delay marriage, or not marry at all.
婚姻件数は６６万２０００組で最少だった。非婚・晩婚の傾向も強まっている。
Of course, it is each individual's choice whether to marry or have children. However, the current situation gives people few options but to give up or delay marriage as well as delay having children.
無論、結婚するか否か、子どもを産むかどうかは、個人の自由だが、非婚、晩婚、出産先送りを選択せざるを得ない状況がある。
Young people now hesitate to start families of their own due to various concerns, including difficulties in finding work, anxiety about the nation's social security system--particularly regarding the future of the pension system--and the underdeveloped environment for raising children when both parents work.
若者の就職状況の厳しさ、年金をはじめとする社会保障制度への不安、共働きをしながら子どもを育てる環境の未整備――といった様々な懸念が、家庭を持つことをためらわせている。
It is urgent to change the current social security system, which emphasizes elderly people, by implementing measures that will cover all generations and making sure financial resources are distributed more evenly.
高齢者を重視した現行の社会保障制度の施策と財源を「全世代型」に改めることが急務であろう。
===
Take steps now
The Democratic Party of Japan-led government has announced a new program to reduce the number of children on waiting lists to enter day care centers--dubbed the new system to support children and households raising children--as part of its integrated reform of the social security and tax systems.
The government has also revealed its plan to develop a comprehensive strategy to improve the employment situation of young people.
政府・与党は、社会保障・税一体改革の一環として、「子ども・子育て新システム」という待機児童解消策を掲げるとともに、若者の雇用環境を改善する総合戦略の策定を打ち出している。
Although there are differences in the details, the ruling and opposition parties have taken the same approach of combining the wisdom of various people to draw up measures that will help young people--who will lead Japan in the future--and allocate more money to such measures. Looking at the vital demographic statistics, it is clear lawmakers must speed up their efforts to achieve integrated reform of the social security and tax systems.
細部では与野党間に相違もあるが、日本の将来を担う次世代を支援する政策に、財源と知恵をもっと振り向けるという方向性では一致している。人口動態の数字を見れば、一体改革の実現を急ぐ必要があるのは明らかだ。
If the government fails to take appropriate measures while the population is declining at a growing rate, the economy will suffer from a shrinking labor force and society will lose its vitality.
人口減が進む中で手をこまぬいていれば、労働力人口は不足し、社会の活力が衰えていく。
To avoid such a situation, the government must take multiple steps to maintain a dynamic society.
そうした事態を避けるために、政府は重層的な活力維持策を講じていく責任がある。
Above all, the government must create better social and corporate environments to help women find jobs more easily and work more comfortably, to maintain a sufficient labor force.
労働力人口を確保するには、女性が就業しやすい企業・社会環境を整えることが第一だ。
The government should also enable people to work in more diverse ways, which would help motivated elderly people work longer. Furthermore, it is important for politicians to discuss whether to beef up the nation's efforts to accept foreign workers.
意欲ある高齢者にも長く活躍してもらえるよう、働き方の多様化も進めるべきだ。外国人を積極的に受け入れることも、政治の検討課題である。
(From The Yomiuri Shimbun, June 7, 2012)
（2012年6月7日01時13分 読売新聞）
More efforts, money needed to stop population decline
人口減少本格化 次世代支援にもっと知恵を（6月7日付・読売社説）
Japan has finally entered a period in which the population is decreasing substantially each year.
日本はいよいよ、本格的な人口減少時代に入った。
How can the nation deal with this unprecedented situation and maintain social vitality? We need to realize Japan has entered a critical stage.
史上例を見ない深刻な状況に、どのように対処し、活力を維持していくか。日本社会にとっての正念場であろう。
The Health, Labor and Welfare Ministry has released the nation's vital demographic statistics for 2011. The number of babies born last year hit a postwar low of about 1.05 million, while the number of deaths was about 1.25 million.
厚生労働省が２０１１年の人口動態統計を公表した。昨年は、生まれた赤ちゃんが１０５万人で戦後最少となる一方、１２５万人が亡くなった。
It was the first time since the survey started that a natural decrease in population exceeded 200,000, and the decrease is expected to grow year by year. This means that a population equivalent to core local cities such as Kofu and Matsue disappears every year.
日本の人口の自然減が２０万人を超えたのは初めてのことだ。減少規模は年々拡大する。甲府市、松江市といった中核都市が、毎年一つずつ消えていくに等しい。
The total fertility rate, or the average number of children a woman will have in her lifetime, was 1.39, the same as the previous year. The rate was on an upward trend after bottoming out in 2005, but it seems to have leveled off.
１人の女性が産む子の数に近い「合計特殊出生率」は前年と同じ１・３９だった。０５年以来、徐々に回復する傾向にあったが、頭打ちの感が強い。
===
People hesitate to start families
The average age at which first-time mothers gave birth was 30.1 in 2011, exceeding the age of 30 for the first time--demonstrating the current tendency for women to have babies later.
第１子出産時の母親の平均年齢が３０・１歳と、初めて３０歳を超えたことは、出産高齢化の進行を象徴している。
The number of marriages last year was 662,000, another postwar low. This illustrates the growing trend for people to delay marriage, or not marry at all.
婚姻件数は６６万２０００組で最少だった。非婚・晩婚の傾向も強まっている。
Of course, it is each individual's choice whether to marry or have children. However, the current situation gives people few options but to give up or delay marriage as well as delay having children.
無論、結婚するか否か、子どもを産むかどうかは、個人の自由だが、非婚、晩婚、出産先送りを選択せざるを得ない状況がある。
Young people now hesitate to start families of their own due to various concerns, including difficulties in finding work, anxiety about the nation's social security system--particularly regarding the future of the pension system--and the underdeveloped environment for raising children when both parents work.
若者の就職状況の厳しさ、年金をはじめとする社会保障制度への不安、共働きをしながら子どもを育てる環境の未整備――といった様々な懸念が、家庭を持つことをためらわせている。
It is urgent to change the current social security system, which emphasizes elderly people, by implementing measures that will cover all generations and making sure financial resources are distributed more evenly.
高齢者を重視した現行の社会保障制度の施策と財源を「全世代型」に改めることが急務であろう。
===
Take steps now
The Democratic Party of Japan-led government has announced a new program to reduce the number of children on waiting lists to enter day care centers--dubbed the new system to support children and households raising children--as part of its integrated reform of the social security and tax systems.
The government has also revealed its plan to develop a comprehensive strategy to improve the employment situation of young people.
政府・与党は、社会保障・税一体改革の一環として、「子ども・子育て新システム」という待機児童解消策を掲げるとともに、若者の雇用環境を改善する総合戦略の策定を打ち出している。
Although there are differences in the details, the ruling and opposition parties have taken the same approach of combining the wisdom of various people to draw up measures that will help young people--who will lead Japan in the future--and allocate more money to such measures. Looking at the vital demographic statistics, it is clear lawmakers must speed up their efforts to achieve integrated reform of the social security and tax systems.
細部では与野党間に相違もあるが、日本の将来を担う次世代を支援する政策に、財源と知恵をもっと振り向けるという方向性では一致している。人口動態の数字を見れば、一体改革の実現を急ぐ必要があるのは明らかだ。
If the government fails to take appropriate measures while the population is declining at a growing rate, the economy will suffer from a shrinking labor force and society will lose its vitality.
人口減が進む中で手をこまぬいていれば、労働力人口は不足し、社会の活力が衰えていく。
To avoid such a situation, the government must take multiple steps to maintain a dynamic society.
そうした事態を避けるために、政府は重層的な活力維持策を講じていく責任がある。
Above all, the government must create better social and corporate environments to help women find jobs more easily and work more comfortably, to maintain a sufficient labor force.
労働力人口を確保するには、女性が就業しやすい企業・社会環境を整えることが第一だ。
The government should also enable people to work in more diverse ways, which would help motivated elderly people work longer. Furthermore, it is important for politicians to discuss whether to beef up the nation's efforts to accept foreign workers.
意欲ある高齢者にも長く活躍してもらえるよう、働き方の多様化も進めるべきだ。外国人を積極的に受け入れることも、政治の検討課題である。
(From The Yomiuri Shimbun, June 7, 2012)
（2012年6月7日01時13分 読売新聞）
2012/06/08
日本の製造業 成長市場の攻略で巻き返しを
The Yomiuri Shimbun (Jun. 7, 2012)
Japan's manufacturers should focus on growth markets
日本の製造業 成長市場の攻略で巻き返しを（6月6日付・読売社説）
Japan's manufacturing sector faces serious challenges. The nation must urgently review its strategies to regain the industries' overall competitiveness.
日本の製造業は、厳しい試練に直面している。競争力を回復する戦略の練り直しが急務だ。
The government has compiled this year's White Paper on Manufacturing Industries, which examines the pressing issues of a sector often described as "losing in business projects despite winning in technological prowess."
政府は今年のものづくり白書をまとめ、「技術で勝って事業で負ける」という製造業の現状と課題を分析した。
Panasonic Corp., Sony Corp. and Sharp Corp. have all posted record deficits primarily because of poor results in their flat-panel television businesses, while semiconductor manufacturer Elpida Memory, Inc. filed for bankruptcy protection earlier this year. Automakers have been lagging behind their U.S. and European rivals in China, the world's largest market.
パナソニック、ソニー、シャープは、テレビの不振で過去最大の赤字を計上し、半導体のエルピーダメモリは経営危機に陥った。自動車各社も世界最大の中国市場で欧米メーカーに出遅れている。
It is a serious situation in which Japan's entire manufacturing sector--once the nation's forte--has nearly crumbled due to the yen's hyperappreciation.
超円高が逆風となり、「お家芸」だった製造業が、ほぼ総崩れという深刻な状況だ。
Why have Japanese manufacturers lost their competitiveness so rapidly?
なぜ、日本企業の競争力は急速に低下したのだろうか。
It is primarily because they "responded slowly to international structural changes," as the white paper put it.
白書が指摘している通り、「国際的な構造変化への対応が遅れた」のが主因である。
===
Time to shift from all-in-one system
Japanese companies used to enjoy the advantage of a system in which they covered the entire production process from planning and developing to manufacturing.
日本企業のこれまでの強みは、製品の企画・開発から製造まで一貫して取り組む体制だった。
But today, companies in emerging countries have boosted their competitiveness as they have become able to mass-produce goods at low cost. Many overseas firms--with Apple Inc. of the United States as a good example--focus only on planning and developing products, while commissioning their assembly to manufacturers in emerging countries.
ところが、今では、新興国企業も低コストで大量生産が可能になり、競争力を強化した。米アップルのように、製品の企画や開発に集中し、製品組み立ては新興国企業に委託するケースも多い。
Japanese manufacturers' lack of similar focus has them trapped--they cannot make profits despite their technological advantages because their indecisive stances have caused them to lose global market share.
日本企業は技術力はあるのに、どっちつかずで世界の販売シェアを落とし、利益を稼げない。そんな隘路(あいろ)に陥っている。
To make matters worse, Japanese companies have been failing to promptly respond to changes in demand in emerging markets, which have an exploding number of middle-income households.
一方、中間所得層が爆発的に増加している新興国市場の変化に対しても日本企業の対応は鈍い。
The white paper poses a question: "Whom should manufacturing serve?" This seems to encourage manufacturers to discover needs in growth markets and apply their management resources to meeting such needs.
「誰のためのものづくりか」という白書の問いかけは、成長市場のニーズを発掘し、経営資源を投入することを促したものだ。
We urge Japanese makers to accelerate their efforts to develop low- and mid-priced products for emerging markets, such as other Asian countries. They also should establish an appropriate system of international division of labor to quickly assemble products in places close to target markets.
アジアなどの新興国市場向けの低・中価格の製品開発を加速するとともに、市場に近い現地で迅速に製造する最適な国際分業体制の構築を進めてもらいたい。
It is surely important for Japanese manufacturers to select business projects and concentrate their resources on them. It is difficult, however, for them to turn their fortunes around if they only focus on downsizing their operations. These firms should keep a sharp eye out to identify fields in which they can demonstrate competitiveness.
「事業の選択と集中」は大事だが、単なる事業縮小では活路を見いだせない。自社の競争力を発揮できる目利き力が問われる。
===
Strengthen advantages
If Japanese companies relocate more and more of their manufacturing functions overseas, however, it will accelerate the hollowing-out of domestic industries and declining employment. There is also concern that Japanese industrial culture--characterized by achieving goals and solving problems--will deteriorate.
ただ、生産拠点の海外移転が加速すると、国内の空洞化が進み、雇用が減少する。日本の強みである現場力の低下も懸念される。
In this regard, it is appropriate for the white paper to call for the nation's manufacturing sector to strengthen its "mother factory" function to support overseas production sites. We urge manufacturers to establish strategies to boost their research and development divisions, as well as their flagship factories.
白書が、海外拠点を支援する国内の「マザー機能」の強化を求めたのは妥当だ。各社は、日本での研究開発部門や基幹工場を充実させる戦略を工夫してほしい。
The government also has an important role to play in reviving the nation's manufacturing industry. It should overcome its delay in signing bilateral economic partnership agreements. It should also decide to take part in the Trans-Pacific Partnership multinational trade framework as soon as possible.
製造業の復活へ、政府の役割も重要だ。経済連携協定（ＥＰＡ）の出遅れを挽回し、環太平洋経済連携協定（ＴＰＰ）の早期参加も決断しなければならない。
To maintain domestic manufacturing functions, moreover, it is crucial for the government to ensure a stable electric power supply by accelerating efforts to reactivate idled nuclear reactors.
国内生産の維持には、原子力発電所の再稼働を急ぎ、電力の安定供給を図ることも不可欠だ。
(From The Yomiuri Shimbun, June 6, 2012)
（2012年6月6日01時29分 読売新聞）
Japan's manufacturers should focus on growth markets
日本の製造業 成長市場の攻略で巻き返しを（6月6日付・読売社説）
Japan's manufacturing sector faces serious challenges. The nation must urgently review its strategies to regain the industries' overall competitiveness.
日本の製造業は、厳しい試練に直面している。競争力を回復する戦略の練り直しが急務だ。
The government has compiled this year's White Paper on Manufacturing Industries, which examines the pressing issues of a sector often described as "losing in business projects despite winning in technological prowess."
政府は今年のものづくり白書をまとめ、「技術で勝って事業で負ける」という製造業の現状と課題を分析した。
Panasonic Corp., Sony Corp. and Sharp Corp. have all posted record deficits primarily because of poor results in their flat-panel television businesses, while semiconductor manufacturer Elpida Memory, Inc. filed for bankruptcy protection earlier this year. Automakers have been lagging behind their U.S. and European rivals in China, the world's largest market.
パナソニック、ソニー、シャープは、テレビの不振で過去最大の赤字を計上し、半導体のエルピーダメモリは経営危機に陥った。自動車各社も世界最大の中国市場で欧米メーカーに出遅れている。
It is a serious situation in which Japan's entire manufacturing sector--once the nation's forte--has nearly crumbled due to the yen's hyperappreciation.
超円高が逆風となり、「お家芸」だった製造業が、ほぼ総崩れという深刻な状況だ。
Why have Japanese manufacturers lost their competitiveness so rapidly?
なぜ、日本企業の競争力は急速に低下したのだろうか。
It is primarily because they "responded slowly to international structural changes," as the white paper put it.
白書が指摘している通り、「国際的な構造変化への対応が遅れた」のが主因である。
===
Time to shift from all-in-one system
Japanese companies used to enjoy the advantage of a system in which they covered the entire production process from planning and developing to manufacturing.
日本企業のこれまでの強みは、製品の企画・開発から製造まで一貫して取り組む体制だった。
But today, companies in emerging countries have boosted their competitiveness as they have become able to mass-produce goods at low cost. Many overseas firms--with Apple Inc. of the United States as a good example--focus only on planning and developing products, while commissioning their assembly to manufacturers in emerging countries.
ところが、今では、新興国企業も低コストで大量生産が可能になり、競争力を強化した。米アップルのように、製品の企画や開発に集中し、製品組み立ては新興国企業に委託するケースも多い。
Japanese manufacturers' lack of similar focus has them trapped--they cannot make profits despite their technological advantages because their indecisive stances have caused them to lose global market share.
日本企業は技術力はあるのに、どっちつかずで世界の販売シェアを落とし、利益を稼げない。そんな隘路(あいろ)に陥っている。
To make matters worse, Japanese companies have been failing to promptly respond to changes in demand in emerging markets, which have an exploding number of middle-income households.
一方、中間所得層が爆発的に増加している新興国市場の変化に対しても日本企業の対応は鈍い。
The white paper poses a question: "Whom should manufacturing serve?" This seems to encourage manufacturers to discover needs in growth markets and apply their management resources to meeting such needs.
「誰のためのものづくりか」という白書の問いかけは、成長市場のニーズを発掘し、経営資源を投入することを促したものだ。
We urge Japanese makers to accelerate their efforts to develop low- and mid-priced products for emerging markets, such as other Asian countries. They also should establish an appropriate system of international division of labor to quickly assemble products in places close to target markets.
アジアなどの新興国市場向けの低・中価格の製品開発を加速するとともに、市場に近い現地で迅速に製造する最適な国際分業体制の構築を進めてもらいたい。
It is surely important for Japanese manufacturers to select business projects and concentrate their resources on them. It is difficult, however, for them to turn their fortunes around if they only focus on downsizing their operations. These firms should keep a sharp eye out to identify fields in which they can demonstrate competitiveness.
「事業の選択と集中」は大事だが、単なる事業縮小では活路を見いだせない。自社の競争力を発揮できる目利き力が問われる。
===
Strengthen advantages
If Japanese companies relocate more and more of their manufacturing functions overseas, however, it will accelerate the hollowing-out of domestic industries and declining employment. There is also concern that Japanese industrial culture--characterized by achieving goals and solving problems--will deteriorate.
ただ、生産拠点の海外移転が加速すると、国内の空洞化が進み、雇用が減少する。日本の強みである現場力の低下も懸念される。
In this regard, it is appropriate for the white paper to call for the nation's manufacturing sector to strengthen its "mother factory" function to support overseas production sites. We urge manufacturers to establish strategies to boost their research and development divisions, as well as their flagship factories.
白書が、海外拠点を支援する国内の「マザー機能」の強化を求めたのは妥当だ。各社は、日本での研究開発部門や基幹工場を充実させる戦略を工夫してほしい。
The government also has an important role to play in reviving the nation's manufacturing industry. It should overcome its delay in signing bilateral economic partnership agreements. It should also decide to take part in the Trans-Pacific Partnership multinational trade framework as soon as possible.
製造業の復活へ、政府の役割も重要だ。経済連携協定（ＥＰＡ）の出遅れを挽回し、環太平洋経済連携協定（ＴＰＰ）の早期参加も決断しなければならない。
To maintain domestic manufacturing functions, moreover, it is crucial for the government to ensure a stable electric power supply by accelerating efforts to reactivate idled nuclear reactors.
国内生産の維持には、原子力発電所の再稼働を急ぎ、電力の安定供給を図ることも不可欠だ。
(From The Yomiuri Shimbun, June 6, 2012)
（2012年6月6日01時29分 読売新聞）
2012/06/07
野田再改造内閣 日本の命運かかる６月政局
The Yomiuri Shimbun (Jun. 6, 2012)
Noda must play commanding role on social security, tax reform
野田再改造内閣 日本の命運かかる６月政局（6月5日付・読売社説）
◆首相は一体改革へ陣頭指揮を
The new Cabinet lineup is obviously aimed at placing top priority on passing bills on integrated reform of the social security and tax systems, the main pillar of which is to raise the consumption tax rate.
消費税率引き上げを柱とする社会保障・税一体改革関連法案の成立を最優先にする布陣であることは明らかだ。
With the current Diet session approaching its end on June 21, the rereshuffled Noda Cabinet was launched Monday. In creating an environment to move integrated reform forward, the reshuffle can be termed "defense-oriented" to ensure smooth Diet deliberations.
国会の会期末が２１日に迫る中、野田再改造内閣が４日発足した。一体改革を前進させるための環境整備であり、国会審議を円滑にする「守り」重視の改造人事にほかならない。
To pass the bills through the Diet, Democratic Party of Japan executives must make strenuous efforts to realize negotiations with the Liberal Democratic Party and New Komeito to revise the bills and vote on them in the House of Representatives.
法案を成立させるには、民主党執行部が、自民党など野党との法案修正協議から採決に至る具体策を講じることが欠かせない。
◆修正協議への環境整備
The European credit crisis has flared up again with fiscally suffering Greece at the core. For Japan, this is not a fire on the other side of the river. Fiscal rehabilitation and social security reform are problems the government must not continue to leave untouched. The ruling and opposition parties should not confront each other merely to serve their own interests.
財政危機のギリシャを震源地に、欧州の信用不安が再燃している。日本にとって、対岸の火事ではない。財政再建や社会保障改革は、もはや不可避の課題である。与野党が党利党略で争っている場合ではなかろう。
===
Start talks on bills' revisions
The primary object of the reshuffle was to "dismiss" Defense Minister Naoki Tanaka and Land, Infrastructure, Transport and Tourism Minister Takeshi Maeda, who were both censured in the House of Councillors. This was to help start negotiations with the opposition parties on revising the bills.
改造人事の眼目は、参院で問責決議が可決された田中防衛相と前田国土交通相を更迭し、野党と修正協議に臨む点にある。
Noda chose Prof. Satoshi Morimoto of Takushoku University as the new defense minister. In speaking of his expectations of Morimoto, Noda said, "He is one of the top experts in the security field in the country."
野田首相は、後任の防衛相に拓殖大の森本敏教授を起用し、「安全保障分野の我が国の第一人者の一人」と期待を示した。
His two immediate predecessors--Yasuo Ichikawa and Tanaka--have been criticized by opposition parties as "amateurs," calling into question Noda's personnel management ability.
防衛相は、一川保夫氏、田中直紀氏と２代続けて「素人」と野党から批判を浴び、首相の人事能力にも疑問符がついていた。
For that reason, Noda apparently selected a "professional," who has considerable insight and accountability. Morimoto, a former Air Self-Defense Force member, has also served as a Foreign Ministry bureaucrat. In the administration of former Prime Minister Taro Aso, he was appointed to the post of special adviser to the defense minister.
それだけに見識、説明能力ともに難のない「玄人」を充てたのだろう。森本氏は自衛官出身で外務官僚などを経て、麻生政権で防衛相補佐官を務めた実績もある。
===
Nonpolitician in defense post
This is the first time a nonpolitician has been given the defense portfolio since the Defense Agency, the ministry's predecessor, debuted in 1954. The LDP and other opposition parties criticized the appointment, saying only politicians chosen through elections are able to take responsibility for defense issues. Some observers said the appointment was proof the DPJ lacks suitable human resources.
ただ、１９５４年の防衛庁発足以来、防衛閣僚の民間人起用は初めてだ。自民党などから「国防上の問題で責任を取れるのは、選挙で選ばれた政治家しかない」との批判も出ている。民主党の人材不足を証明したとの見方もある。
There are many problems awaiting the new defense minister, such as relocation of the U.S. Marine Corps' Futenma Air Station in Okinawa Prefecture, the transfer of marines in the prefecture to bases overseas, China's expanding naval and other maritime activities and North Korea's missile and nuclear development programs. As a defense expert, Morimoto must demonstrate his ability to handle all these tasks.
米軍普天間飛行場の移設問題や在沖縄海兵隊の海外移転、中国の海洋進出、北朝鮮のミサイル・核開発など直面する課題は多い。森本氏には、専門家としての力量を発揮することが求められよう。
Among ministers who were replaced were Maeda, who was criticized over a possible violation of the Public Offices Election Law; Agriculture, Forestry and Fisheries Minister Michihiko Kano, who reportedly had connections with a Chinese diplomat questionably involved in a program to promote agricultural exports to China; and Justice Minister Toshio Ogawa, who was observed viewing an Internet horse racing site on his cell phone in a Diet committee room.
公職選挙法に抵触する疑いが生じた前田国交相のほか、農産物の対中輸出促進事業に関与した中国人外交官との関係が取り沙汰される鹿野農相、国会で競馬サイトを見ていた小川法相が交代した。
Former senior vice farm minister Akira Gunji, who assumed the post of agriculture, forestry and fisheries minister, is a senior member of a DPJ group that does not favor Japan's participation in Trans-Pacific Partnership free trade talks. We hope Gunji will not try to apply the brakes if the prime minister decides on official participation in the TPP talks.
農相に就いた郡司彰・元農水副大臣は、環太平洋経済連携協定（ＴＰＰ）参加に否定的な民主党内のグループの幹部だ。首相が今後、正式参加を決断する際にブレーキをかける存在とならないようにしてもらいたい。
Now that the two censured Cabinet ministers have been replaced, the LDP should abandon its tactics of rejecting Diet deliberations and move Diet business along in the upper house where sessions have been stalled.
自民党は、問責２閣僚の交代が実現した以上、審議拒否戦術をやめ、“開店休業”の参院を中心に国会審議を動かすべきだ。
===
Building trust with LDP
◆輿石氏も腹をくくれ
In the reshuffle, Noda left the DPJ leadership lineup intact. The main point is whether Secretary General Azuma Koshiishi and other party executives will be prepared to join Noda in building cooperative relations with the LDP.
今回の改造では、民主党執行部の役員人事は手つかずだった。問題は、輿石幹事長らが首相と同様に腹をくくり、自民党との協力関係を構築できるかどうかだ。
Koshiishi, the No. 2 man in the ruling party, seems to be determined to put off the vote on the bills to raise the consumption tax because of fears that former party President Ichiro Ozawa and other opponents of the tax hike will vote against the bills if a vote is taken at this juncture.
輿石氏は、小沢一郎元代表グループら反対派が造反する恐れがあるとし、法案の採決先送りを狙っているように見える。
If this is the case, it will be impossible to win the trust of the LDP. The DPJ leadership must initiate negotiations with the LDP on revising the consumption tax bills as early as possible by presenting a deadline of June 15 for a vote on the bills in the House of Representatives. Ozawa and members of his group are firmly resolved to oppose the bills. Preparations for the vote should be made on the assumption that it will be difficult to reverse their stance.
だが、それでは自民党の信頼は得られまい。民主党執行部は、１５日という事実上の衆院採決目標を示して修正協議入りを急ぐべきである。小沢氏らの反対の意向は固い。翻意は難しいことを前提に採決に備える必要がある。
At a news conference Monday, Noda said he had directed the party executives to keep him informed of the situation on a daily basis and would make a final decision whenever he thought necessary.
野田首相は４日の記者会見で、民主党幹部に毎日、的確な情報を上げるよう指示したことを明らかにし、「必要な判断は私がする」と明言した。
This illustrates his firm determination to spearhead talks with the LDP.
陣頭指揮をとる覚悟なのだろう。
One compelling option Noda should consider is one-on-one talks with LDP President Sadakazu Tanigaki to break the stalemate.
自民党の谷垣総裁との党首会談によって、困難な局面を打開することも有力な選択肢だ。
===
Bold concessions vital
To ensure results from negotiations on the revision of the tax hike bills, the DPJ should shelve its signature policies put forth in its campaign pledge for the 2009 general election, including establishment of a new pension system with a minimum pension benefit and its plan to abolish the special medical service system for people aged 75 or older.
民主党は、修正協議で成果を得るため、政権公約（マニフェスト）に掲げた最低保障年金を柱とする新年金制度創設や、後期高齢者医療制度廃止という看板政策を棚上げしなければならない。
◆大胆な妥協が必要だ
We make this assertion not only because the LDP strongly objects to policies mentioned in the manifesto but also because they are extremely problematic. It would be realistic for the DPJ to agree to an LDP proposal calling for the establishment of a national conference on social security system reform that allows experts to participate in the discussions.
自民党が強く反発しているからだけではなく、内容にも問題が多い。自民党の提案する「社会保障制度改革国民会議」を受け入れて、有識者も交えてじっくり議論するのが現実的だ。
Along with negotiations on revision of the bills to promote integrated social security and tax system reforms, reform of the electoral system for the lower house is another problem that must be tackled urgently.
一体改革関連法案の修正協議と並行して、衆院の選挙制度改革も喫緊の課題である。
A plan to cut one single-seat constituency in each of five prefectures without increasing seats in other prefectures' single-seat constituencies--which is aimed at correcting the disparity of vote value in the lower house election--must be implemented before carrying out drastic reforms of the electoral system. It is essential to rectify the current situation, which has been judged unconstitutional by the Supreme Court.
「１票の格差」を是正するための「０増５減」を選挙制度の抜本改正とは切り離し、先行処理するしかない。「違憲状態」の現状を速やかに改めることが肝要だ。
The ruling and opposition parties must take to heart that their judgments and actions will determine the future course of Japan. Extension of the Diet session beyond the June 21 deadline will be unavoidable. Whether it can be extended or not will greatly affect the prime minister's governance.
与野党は、この６月の判断と行動が日本の命運を握ることを肝に銘じるべきだ。会期延長は避けられない。首相の政権運営にも大きく影響する。
Drastic concessions will be needed to move the politics ahead.
政治の前進のためには大胆な妥協が必要となろう。
(From The Yomiuri Shimbun, June 5, 2012)
（2012年6月5日01時18分 読売新聞）
Noda must play commanding role on social security, tax reform
野田再改造内閣 日本の命運かかる６月政局（6月5日付・読売社説）
◆首相は一体改革へ陣頭指揮を
The new Cabinet lineup is obviously aimed at placing top priority on passing bills on integrated reform of the social security and tax systems, the main pillar of which is to raise the consumption tax rate.
消費税率引き上げを柱とする社会保障・税一体改革関連法案の成立を最優先にする布陣であることは明らかだ。
With the current Diet session approaching its end on June 21, the rereshuffled Noda Cabinet was launched Monday. In creating an environment to move integrated reform forward, the reshuffle can be termed "defense-oriented" to ensure smooth Diet deliberations.
国会の会期末が２１日に迫る中、野田再改造内閣が４日発足した。一体改革を前進させるための環境整備であり、国会審議を円滑にする「守り」重視の改造人事にほかならない。
To pass the bills through the Diet, Democratic Party of Japan executives must make strenuous efforts to realize negotiations with the Liberal Democratic Party and New Komeito to revise the bills and vote on them in the House of Representatives.
法案を成立させるには、民主党執行部が、自民党など野党との法案修正協議から採決に至る具体策を講じることが欠かせない。
◆修正協議への環境整備
The European credit crisis has flared up again with fiscally suffering Greece at the core. For Japan, this is not a fire on the other side of the river. Fiscal rehabilitation and social security reform are problems the government must not continue to leave untouched. The ruling and opposition parties should not confront each other merely to serve their own interests.
財政危機のギリシャを震源地に、欧州の信用不安が再燃している。日本にとって、対岸の火事ではない。財政再建や社会保障改革は、もはや不可避の課題である。与野党が党利党略で争っている場合ではなかろう。
===
Start talks on bills' revisions
The primary object of the reshuffle was to "dismiss" Defense Minister Naoki Tanaka and Land, Infrastructure, Transport and Tourism Minister Takeshi Maeda, who were both censured in the House of Councillors. This was to help start negotiations with the opposition parties on revising the bills.
改造人事の眼目は、参院で問責決議が可決された田中防衛相と前田国土交通相を更迭し、野党と修正協議に臨む点にある。
Noda chose Prof. Satoshi Morimoto of Takushoku University as the new defense minister. In speaking of his expectations of Morimoto, Noda said, "He is one of the top experts in the security field in the country."
野田首相は、後任の防衛相に拓殖大の森本敏教授を起用し、「安全保障分野の我が国の第一人者の一人」と期待を示した。
His two immediate predecessors--Yasuo Ichikawa and Tanaka--have been criticized by opposition parties as "amateurs," calling into question Noda's personnel management ability.
防衛相は、一川保夫氏、田中直紀氏と２代続けて「素人」と野党から批判を浴び、首相の人事能力にも疑問符がついていた。
For that reason, Noda apparently selected a "professional," who has considerable insight and accountability. Morimoto, a former Air Self-Defense Force member, has also served as a Foreign Ministry bureaucrat. In the administration of former Prime Minister Taro Aso, he was appointed to the post of special adviser to the defense minister.
それだけに見識、説明能力ともに難のない「玄人」を充てたのだろう。森本氏は自衛官出身で外務官僚などを経て、麻生政権で防衛相補佐官を務めた実績もある。
===
Nonpolitician in defense post
This is the first time a nonpolitician has been given the defense portfolio since the Defense Agency, the ministry's predecessor, debuted in 1954. The LDP and other opposition parties criticized the appointment, saying only politicians chosen through elections are able to take responsibility for defense issues. Some observers said the appointment was proof the DPJ lacks suitable human resources.
ただ、１９５４年の防衛庁発足以来、防衛閣僚の民間人起用は初めてだ。自民党などから「国防上の問題で責任を取れるのは、選挙で選ばれた政治家しかない」との批判も出ている。民主党の人材不足を証明したとの見方もある。
There are many problems awaiting the new defense minister, such as relocation of the U.S. Marine Corps' Futenma Air Station in Okinawa Prefecture, the transfer of marines in the prefecture to bases overseas, China's expanding naval and other maritime activities and North Korea's missile and nuclear development programs. As a defense expert, Morimoto must demonstrate his ability to handle all these tasks.
米軍普天間飛行場の移設問題や在沖縄海兵隊の海外移転、中国の海洋進出、北朝鮮のミサイル・核開発など直面する課題は多い。森本氏には、専門家としての力量を発揮することが求められよう。
Among ministers who were replaced were Maeda, who was criticized over a possible violation of the Public Offices Election Law; Agriculture, Forestry and Fisheries Minister Michihiko Kano, who reportedly had connections with a Chinese diplomat questionably involved in a program to promote agricultural exports to China; and Justice Minister Toshio Ogawa, who was observed viewing an Internet horse racing site on his cell phone in a Diet committee room.
公職選挙法に抵触する疑いが生じた前田国交相のほか、農産物の対中輸出促進事業に関与した中国人外交官との関係が取り沙汰される鹿野農相、国会で競馬サイトを見ていた小川法相が交代した。
Former senior vice farm minister Akira Gunji, who assumed the post of agriculture, forestry and fisheries minister, is a senior member of a DPJ group that does not favor Japan's participation in Trans-Pacific Partnership free trade talks. We hope Gunji will not try to apply the brakes if the prime minister decides on official participation in the TPP talks.
農相に就いた郡司彰・元農水副大臣は、環太平洋経済連携協定（ＴＰＰ）参加に否定的な民主党内のグループの幹部だ。首相が今後、正式参加を決断する際にブレーキをかける存在とならないようにしてもらいたい。
Now that the two censured Cabinet ministers have been replaced, the LDP should abandon its tactics of rejecting Diet deliberations and move Diet business along in the upper house where sessions have been stalled.
自民党は、問責２閣僚の交代が実現した以上、審議拒否戦術をやめ、“開店休業”の参院を中心に国会審議を動かすべきだ。
===
Building trust with LDP
◆輿石氏も腹をくくれ
In the reshuffle, Noda left the DPJ leadership lineup intact. The main point is whether Secretary General Azuma Koshiishi and other party executives will be prepared to join Noda in building cooperative relations with the LDP.
今回の改造では、民主党執行部の役員人事は手つかずだった。問題は、輿石幹事長らが首相と同様に腹をくくり、自民党との協力関係を構築できるかどうかだ。
Koshiishi, the No. 2 man in the ruling party, seems to be determined to put off the vote on the bills to raise the consumption tax because of fears that former party President Ichiro Ozawa and other opponents of the tax hike will vote against the bills if a vote is taken at this juncture.
輿石氏は、小沢一郎元代表グループら反対派が造反する恐れがあるとし、法案の採決先送りを狙っているように見える。
If this is the case, it will be impossible to win the trust of the LDP. The DPJ leadership must initiate negotiations with the LDP on revising the consumption tax bills as early as possible by presenting a deadline of June 15 for a vote on the bills in the House of Representatives. Ozawa and members of his group are firmly resolved to oppose the bills. Preparations for the vote should be made on the assumption that it will be difficult to reverse their stance.
だが、それでは自民党の信頼は得られまい。民主党執行部は、１５日という事実上の衆院採決目標を示して修正協議入りを急ぐべきである。小沢氏らの反対の意向は固い。翻意は難しいことを前提に採決に備える必要がある。
At a news conference Monday, Noda said he had directed the party executives to keep him informed of the situation on a daily basis and would make a final decision whenever he thought necessary.
野田首相は４日の記者会見で、民主党幹部に毎日、的確な情報を上げるよう指示したことを明らかにし、「必要な判断は私がする」と明言した。
This illustrates his firm determination to spearhead talks with the LDP.
陣頭指揮をとる覚悟なのだろう。
One compelling option Noda should consider is one-on-one talks with LDP President Sadakazu Tanigaki to break the stalemate.
自民党の谷垣総裁との党首会談によって、困難な局面を打開することも有力な選択肢だ。
===
Bold concessions vital
To ensure results from negotiations on the revision of the tax hike bills, the DPJ should shelve its signature policies put forth in its campaign pledge for the 2009 general election, including establishment of a new pension system with a minimum pension benefit and its plan to abolish the special medical service system for people aged 75 or older.
民主党は、修正協議で成果を得るため、政権公約（マニフェスト）に掲げた最低保障年金を柱とする新年金制度創設や、後期高齢者医療制度廃止という看板政策を棚上げしなければならない。
◆大胆な妥協が必要だ
We make this assertion not only because the LDP strongly objects to policies mentioned in the manifesto but also because they are extremely problematic. It would be realistic for the DPJ to agree to an LDP proposal calling for the establishment of a national conference on social security system reform that allows experts to participate in the discussions.
自民党が強く反発しているからだけではなく、内容にも問題が多い。自民党の提案する「社会保障制度改革国民会議」を受け入れて、有識者も交えてじっくり議論するのが現実的だ。
Along with negotiations on revision of the bills to promote integrated social security and tax system reforms, reform of the electoral system for the lower house is another problem that must be tackled urgently.
一体改革関連法案の修正協議と並行して、衆院の選挙制度改革も喫緊の課題である。
A plan to cut one single-seat constituency in each of five prefectures without increasing seats in other prefectures' single-seat constituencies--which is aimed at correcting the disparity of vote value in the lower house election--must be implemented before carrying out drastic reforms of the electoral system. It is essential to rectify the current situation, which has been judged unconstitutional by the Supreme Court.
「１票の格差」を是正するための「０増５減」を選挙制度の抜本改正とは切り離し、先行処理するしかない。「違憲状態」の現状を速やかに改めることが肝要だ。
The ruling and opposition parties must take to heart that their judgments and actions will determine the future course of Japan. Extension of the Diet session beyond the June 21 deadline will be unavoidable. Whether it can be extended or not will greatly affect the prime minister's governance.
与野党は、この６月の判断と行動が日本の命運を握ることを肝に銘じるべきだ。会期延長は避けられない。首相の政権運営にも大きく影響する。
Drastic concessions will be needed to move the politics ahead.
政治の前進のためには大胆な妥協が必要となろう。
(From The Yomiuri Shimbun, June 5, 2012)
（2012年6月5日01時18分 読売新聞）
2012/06/06
ユーロ急落 欧州の努力を促す市場の警告
The Yomiuri Shimbun (Jun. 5, 2012)
Markets warning Europe to bring credit crisis under control
ユーロ急落 欧州の努力を促す市場の警告（6月4日付・読売社説）
The credit crisis in Europe has flared up again, and there seems to be no end to the euro's depreciation. To end the crisis, further efforts by European nations are indispensable.
欧州の信用不安が再燃し、ユーロ安に歯止めがかからない。危機を封じ込めるため、欧州の一層の努力が不可欠だ。
Late last week, the euro nosedived in the foreign exchange market, hitting the 95 yen level for the first time in 11-1/2 years. As the yen's value also rose to the 77 yen level against the dollar, it seems to be a matter of one-sided appreciation of the Japanese currency.
外国為替市場で先週末、ユーロが急落し、１１年半ぶりに１ユーロ＝９５円台に突入した。円相場は対ドルでも１ドル＝７７円台に急騰し円の独歩高になってきた。
Meanwhile, shares on the Tokyo Stock Exchange have plunged across the board, discouraged by the yen's historic hyperappreciation. Due to factors such as worsening of the U.S. unemployment rate, shares have fallen sharply on the New York Stock Exchange, and stocks continue to fall worldwide.
歴史的な超円高が嫌気され、東京株式市場の株価は大幅に下落した。米国の失業率悪化などで、ニューヨーク市場の株価も急落し、世界同時株安が進んでいる。
This is a serious situation in which violent fluctuations in financial markets could continue.
市場の乱高下が続きかねない深刻な状況と言えよう。
===
No prospective end to debt crisis
The main cause for the sharp fall of the euro and the related stock market declines is that there is no prospect for the European debt crisis to be brought under control.
ユーロ急落と、連鎖株安の主因は、欧州債務危機を収束させる見通しが立たないことだ。
After failing to form a coalition government, Greece will have another election in mid-June. However, depending on results of the election, the country may face further obstacles in its economic rehabilitation and be forced to leave the eurozone. If this happens, major chaos will be inevitable.
今月中旬に再選挙を行うギリシャは、選挙結果によっては、経済再建に行き詰まり、ユーロ圏からの離脱を迫られる恐れがある。そうなれば、大混乱は必至だ。
The Greek credit crisis has spread to Spain, which has experienced a collapse of its real estate bubble, with the situation deteriorating to the point that a major bank has asked for an injection of public funds.
ギリシャの信用不安は、不動産バブルが崩壊したスペインに飛び火し、大手銀行が公的資金の注入を申請する事態に発展した。
However, the Spanish government, which is suffering from fiscal deficits, cannot provide drastic relief measures anytime soon. Due to rising anxieties, holders of Spanish government bonds have gone on a selling spree.
しかし、財政赤字を抱えるスペイン政府はすぐに抜本的な救済ができない。懸念が高まり、スペイン国債が売り込まれている。
The International Monetary Fund and the European Union have already made arrangements to financially assist some nations facing the crisis, but the help is not sufficient to support Spain, which has the fourth-biggest economy in the eurozone.
国際通貨基金（ＩＭＦ）と欧州連合（ＥＵ）は、欧州の危機国を金融支援する体制を整えたが、ユーロ圏第４位の経済規模のスペインを支えるほど十分ではない。
The world must remain on alert to prevent the European-born crisis from escalating to a level that could deal a major blow to the world economy.
欧州発の危機に拍車がかかり、世界景気に大打撃を与える事態を警戒する必要がある。
===
Franco-German initiative essential
To control the chaos in Spain, cooperation between Germany and France is crucial.
スペインの混乱を乗り切るためにも独仏両国の連携が重要だ。
German Chancellor Angela Merkel, who argues for restoring fiscal health, and French President Francois Hollande, who emphasizes economic growth, have made no progress toward narrowing their differences.
財政健全化路線のメルケル独首相と、経済成長をより重視するオランド仏大統領の主張の違いは、まだ調整されていない。
Germany and France should act in close concert to come up with a prescription to revive Europe under which both fiscal health and economic growth can be realized side by side. Eurozone nations must unite behind the initiative of the two countries to study measures to help Spain.
独仏は足並みをそろえ、財政と成長を両立させる欧州再生の処方箋を描くべきだ。両国主導でユーロ圏が結束し、スペイン支援策を検討することが急務である。
In May, a summit meeting of the Group of Eight major countries said Greece should stay in the eurozone. In mid-June, a summit meeting of the Group of 20 will be held in Mexico, and pressure on Europeans to swiftly respond to the situation will further intensify.
ギリシャのユーロ残留を求めた５月の主要８か国（Ｇ８）首脳会議に続き、今月中旬にメキシコで２０か国・地域（Ｇ２０）首脳会議が開かれる。欧州の迅速な対応を促す圧力がさらに強まろう。
The euro crisis will also adversely affect the Japanese economy. The yen's sharp appreciation and the euro's decline will hit export-oriented companies and further cool the economy.
ユーロ危機は日本経済にも悪影響を及ぼす。急激な円高・ユーロ安で輸出企業が打撃を受け、景気に冷や水を浴びせるからだ。
Finance Minister Jun Azumi has said he will resolutely respond to the the yen's hyperappreciation and hinted at a yen-selling intervention. We think his comments are appropriate.
安住財務相が超円高に「断固として対応する」と述べ、円売り介入を示唆したのは妥当だ。
The government and the Bank of Japan need to beef up cooperation with North America and Europe. The central bank may also need to study additional monetary-easing measures.
政府・日銀は、欧米との連携を強化する必要がある。日銀の追加金融緩和策も検討しなければなるまい。
(From The Yomiuri Shimbun, June 4, 2012)
（2012年6月4日01時29分 読売新聞）
Markets warning Europe to bring credit crisis under control
ユーロ急落 欧州の努力を促す市場の警告（6月4日付・読売社説）
The credit crisis in Europe has flared up again, and there seems to be no end to the euro's depreciation. To end the crisis, further efforts by European nations are indispensable.
欧州の信用不安が再燃し、ユーロ安に歯止めがかからない。危機を封じ込めるため、欧州の一層の努力が不可欠だ。
Late last week, the euro nosedived in the foreign exchange market, hitting the 95 yen level for the first time in 11-1/2 years. As the yen's value also rose to the 77 yen level against the dollar, it seems to be a matter of one-sided appreciation of the Japanese currency.
外国為替市場で先週末、ユーロが急落し、１１年半ぶりに１ユーロ＝９５円台に突入した。円相場は対ドルでも１ドル＝７７円台に急騰し円の独歩高になってきた。
Meanwhile, shares on the Tokyo Stock Exchange have plunged across the board, discouraged by the yen's historic hyperappreciation. Due to factors such as worsening of the U.S. unemployment rate, shares have fallen sharply on the New York Stock Exchange, and stocks continue to fall worldwide.
歴史的な超円高が嫌気され、東京株式市場の株価は大幅に下落した。米国の失業率悪化などで、ニューヨーク市場の株価も急落し、世界同時株安が進んでいる。
This is a serious situation in which violent fluctuations in financial markets could continue.
市場の乱高下が続きかねない深刻な状況と言えよう。
===
No prospective end to debt crisis
The main cause for the sharp fall of the euro and the related stock market declines is that there is no prospect for the European debt crisis to be brought under control.
ユーロ急落と、連鎖株安の主因は、欧州債務危機を収束させる見通しが立たないことだ。
After failing to form a coalition government, Greece will have another election in mid-June. However, depending on results of the election, the country may face further obstacles in its economic rehabilitation and be forced to leave the eurozone. If this happens, major chaos will be inevitable.
今月中旬に再選挙を行うギリシャは、選挙結果によっては、経済再建に行き詰まり、ユーロ圏からの離脱を迫られる恐れがある。そうなれば、大混乱は必至だ。
The Greek credit crisis has spread to Spain, which has experienced a collapse of its real estate bubble, with the situation deteriorating to the point that a major bank has asked for an injection of public funds.
ギリシャの信用不安は、不動産バブルが崩壊したスペインに飛び火し、大手銀行が公的資金の注入を申請する事態に発展した。
However, the Spanish government, which is suffering from fiscal deficits, cannot provide drastic relief measures anytime soon. Due to rising anxieties, holders of Spanish government bonds have gone on a selling spree.
しかし、財政赤字を抱えるスペイン政府はすぐに抜本的な救済ができない。懸念が高まり、スペイン国債が売り込まれている。
The International Monetary Fund and the European Union have already made arrangements to financially assist some nations facing the crisis, but the help is not sufficient to support Spain, which has the fourth-biggest economy in the eurozone.
国際通貨基金（ＩＭＦ）と欧州連合（ＥＵ）は、欧州の危機国を金融支援する体制を整えたが、ユーロ圏第４位の経済規模のスペインを支えるほど十分ではない。
The world must remain on alert to prevent the European-born crisis from escalating to a level that could deal a major blow to the world economy.
欧州発の危機に拍車がかかり、世界景気に大打撃を与える事態を警戒する必要がある。
===
Franco-German initiative essential
To control the chaos in Spain, cooperation between Germany and France is crucial.
スペインの混乱を乗り切るためにも独仏両国の連携が重要だ。
German Chancellor Angela Merkel, who argues for restoring fiscal health, and French President Francois Hollande, who emphasizes economic growth, have made no progress toward narrowing their differences.
財政健全化路線のメルケル独首相と、経済成長をより重視するオランド仏大統領の主張の違いは、まだ調整されていない。
Germany and France should act in close concert to come up with a prescription to revive Europe under which both fiscal health and economic growth can be realized side by side. Eurozone nations must unite behind the initiative of the two countries to study measures to help Spain.
独仏は足並みをそろえ、財政と成長を両立させる欧州再生の処方箋を描くべきだ。両国主導でユーロ圏が結束し、スペイン支援策を検討することが急務である。
In May, a summit meeting of the Group of Eight major countries said Greece should stay in the eurozone. In mid-June, a summit meeting of the Group of 20 will be held in Mexico, and pressure on Europeans to swiftly respond to the situation will further intensify.
ギリシャのユーロ残留を求めた５月の主要８か国（Ｇ８）首脳会議に続き、今月中旬にメキシコで２０か国・地域（Ｇ２０）首脳会議が開かれる。欧州の迅速な対応を促す圧力がさらに強まろう。
The euro crisis will also adversely affect the Japanese economy. The yen's sharp appreciation and the euro's decline will hit export-oriented companies and further cool the economy.
ユーロ危機は日本経済にも悪影響を及ぼす。急激な円高・ユーロ安で輸出企業が打撃を受け、景気に冷や水を浴びせるからだ。
Finance Minister Jun Azumi has said he will resolutely respond to the the yen's hyperappreciation and hinted at a yen-selling intervention. We think his comments are appropriate.
安住財務相が超円高に「断固として対応する」と述べ、円売り介入を示唆したのは妥当だ。
The government and the Bank of Japan need to beef up cooperation with North America and Europe. The central bank may also need to study additional monetary-easing measures.
政府・日銀は、欧米との連携を強化する必要がある。日銀の追加金融緩和策も検討しなければなるまい。
(From The Yomiuri Shimbun, June 4, 2012)
（2012年6月4日01時29分 読売新聞）
2012/06/05
シリア情勢 停戦を順守させ流血止めよ
The Yomiuri Shimbun (Jun. 4, 2012)
Intl community must make Syria stop bloodshed
シリア情勢 停戦を順守させ流血止めよ（6月3日付・読売社説）
The U.N. Security Council must prevent further tragedies of bloodshed in Syria.
国連安全保障理事会はシリアにおける流血の惨事を繰り返させてはならない。
A string of massacres Friday and Saturday in the central Syrian town of Houla has pushed former U.N. Secretary General Kofi Annan's ceasefire arbitration plans to the brink of collapse.
中部ホウラでの虐殺事件が、アナン前国連事務総長の停戦調停案を崩壊寸前に追いやっている。
Failure of the plans could plunge Syria into civil war, which in turn could destabilize the entire Middle East. The situation remains extremely tense.
調停が失敗すれば、シリアは内戦状態に陥り、中東全体が不安定になる恐れが強い。事態は極めて緊迫している。
Under the circumstances, the Security Council must waste no time in taking such steps as beefing up the U.N. mission monitoring the ceasefire in Syria. It also must increase pressure on the regime of Syrian President Bashar Assad to do its best to implement Annan's peace plans.
安保理は直ちに、国連シリア停戦監視団の機能強化などを図り、アサド政権へ圧力を強め、調停案の履行に全力をあげるべきだ。
In Houla, where government forces carried out artillery attacks, more than 100 bodies--including those of many children--were found.
政府軍が砲撃したホウラでは、多数の子供を含む１００以上の遺体が見つかった。
Members of the U.N. monitoring mission who rushed to Houla confirmed that many of the bodies showed the victims had been subject to atrocities such as being gunned down or stabbed to death.
現地を訪れた国連停戦監視団は、多くの遺体に撃たれたり刺されたりした残虐行為があることを確認した。
Anti-Assad dissidents say the massacre was the work of government militiamen, but the truth of the incident remains unknown.
反体制派は、政府側民兵の仕業と見るが、真相は不明だ。
===
Unarmed monitors ineffective
Ever since antigovernment demonstrations began in Syria in March 2011, there has been increasing bloodshed due to a crackdown on dissidents by government forces and clashes with rebels. As a result, fatalities in the violence have surpassed 10,000, according to the United Nations.
昨年３月、シリアで反政府デモが始まって以来、政府側の武力弾圧や反体制勢力との衝突で流血は拡大の一途をたどり、国連によると、死者は１万人を超えた。
The Syrian government once accepted peace arbitration plans that Annan, a joint special envoy of the United Nations and the Arab League, worked out in March. It is highly regrettable that Damascus has effectively trashed the plans.
国連とアラブ連盟の共同特使であるアナン氏が今年３月に示した調停案を、シリア政府もいったん受けいれたはずだ。その後、反古(ほご)同然にしたのは遺憾である。
The U.N. mission of fewer than 300 unarmed observers can hardly act effectively considering the situation.
だが、３００人足らずの丸腰の監視団では機能を果たせない。
The United Nations should urgently address the task of realizing measures to bolster the U.N. mission, based on proposals made by such countries as the United States and Britain to provide Syrian antigovernment forces with aircraft and dispatch armed monitors.
航空機供与や武装警護団派遣など、米国や英国の提案を軸に、監視団強化の具体化を急ぐべきだ。
Armed anti-Assad groups have declared they would take unrestrained military actions if the ceasefire accord is broken. Such a worst-case scenario must be averted by all means.
反体制派の武装組織は、停戦合意が崩れれば自由に軍事行動を取ると宣言している。そうした最悪の事態は回避せねばならない。
In the Security Council, the United States and European countries have been seeking measures such as economic sanctions to force President Assad to step down, bringing them into conflict with Russia and China, which oppose such actions.
安保理では、アサド大統領の退陣や経済制裁を求める欧米と、これに反対するロシア、中国が対立している。
===
Russia behind suppression
The opposition put up by Russia, in particular, has been hampering enforcement of anti-Syria sanctions.
特にロシアの抵抗が、対シリア制裁を妨げてきた。
Syria is an important importer of weapons from Russia, and Damascus provides the Russian Navy with supply bases.
背景には、シリアがロシアにとって重要な武器輸出先であり、露海軍に補給拠点も提供していることがある。
In a Russian-French summit meeting on Friday, Russian President Vladimir Putin, in response to French President Francois Hollande's argument in favor of anti-Syria sanctions, insisted sanctions "could not work," and there were no signs the differences of views could be narrowed.
１日の仏露首脳会談でも、対シリア制裁を主張するオランド仏大統領に対して、プーチン露大統領が「制裁は効果的ではない」と反論し、溝は埋まらなかった。
Given that Russia has long backed the Assad regime, it has a responsibility to firmly press Damascus to bring the bloodshed to an end.
アサド政権を支えてきたロシアには、流血停止をシリアに強く働きかける責任がある。
The United States and European countries have been imposing economic sanctions on Syria on their own.
欧米諸国は、シリアに対して独自の経済制裁を科している。
In the wake of the Houla massacre, they have asked Syrian ambassadors and others to leave. Following suit, Japan has also asked the Syrian ambassador to leave.
ホウラ事件後、シリア大使らに国外退去を求め、日本も同調した。
The Assad regime, whose main power base is the minority Alawis Muslim community, has ruled for years by relentlessly oppressing the people.
少数派のイスラム教アラウィ派を権力基盤とするアサド政権は、国民を抑圧し続けてきた。
The intensified suppression has shaken the legitimacy of the Assad regime even more, leaving no alternative but deeper international isolation.
弾圧強化で統治の正統性は一層揺らぎ、孤立を深めるばかりだ。
(From The Yomiuri Shimbun, June 3, 2012)
（2012年6月3日01時42分 読売新聞）
Intl community must make Syria stop bloodshed
シリア情勢 停戦を順守させ流血止めよ（6月3日付・読売社説）
The U.N. Security Council must prevent further tragedies of bloodshed in Syria.
国連安全保障理事会はシリアにおける流血の惨事を繰り返させてはならない。
A string of massacres Friday and Saturday in the central Syrian town of Houla has pushed former U.N. Secretary General Kofi Annan's ceasefire arbitration plans to the brink of collapse.
中部ホウラでの虐殺事件が、アナン前国連事務総長の停戦調停案を崩壊寸前に追いやっている。
Failure of the plans could plunge Syria into civil war, which in turn could destabilize the entire Middle East. The situation remains extremely tense.
調停が失敗すれば、シリアは内戦状態に陥り、中東全体が不安定になる恐れが強い。事態は極めて緊迫している。
Under the circumstances, the Security Council must waste no time in taking such steps as beefing up the U.N. mission monitoring the ceasefire in Syria. It also must increase pressure on the regime of Syrian President Bashar Assad to do its best to implement Annan's peace plans.
安保理は直ちに、国連シリア停戦監視団の機能強化などを図り、アサド政権へ圧力を強め、調停案の履行に全力をあげるべきだ。
In Houla, where government forces carried out artillery attacks, more than 100 bodies--including those of many children--were found.
政府軍が砲撃したホウラでは、多数の子供を含む１００以上の遺体が見つかった。
Members of the U.N. monitoring mission who rushed to Houla confirmed that many of the bodies showed the victims had been subject to atrocities such as being gunned down or stabbed to death.
現地を訪れた国連停戦監視団は、多くの遺体に撃たれたり刺されたりした残虐行為があることを確認した。
Anti-Assad dissidents say the massacre was the work of government militiamen, but the truth of the incident remains unknown.
反体制派は、政府側民兵の仕業と見るが、真相は不明だ。
===
Unarmed monitors ineffective
Ever since antigovernment demonstrations began in Syria in March 2011, there has been increasing bloodshed due to a crackdown on dissidents by government forces and clashes with rebels. As a result, fatalities in the violence have surpassed 10,000, according to the United Nations.
昨年３月、シリアで反政府デモが始まって以来、政府側の武力弾圧や反体制勢力との衝突で流血は拡大の一途をたどり、国連によると、死者は１万人を超えた。
The Syrian government once accepted peace arbitration plans that Annan, a joint special envoy of the United Nations and the Arab League, worked out in March. It is highly regrettable that Damascus has effectively trashed the plans.
国連とアラブ連盟の共同特使であるアナン氏が今年３月に示した調停案を、シリア政府もいったん受けいれたはずだ。その後、反古(ほご)同然にしたのは遺憾である。
The U.N. mission of fewer than 300 unarmed observers can hardly act effectively considering the situation.
だが、３００人足らずの丸腰の監視団では機能を果たせない。
The United Nations should urgently address the task of realizing measures to bolster the U.N. mission, based on proposals made by such countries as the United States and Britain to provide Syrian antigovernment forces with aircraft and dispatch armed monitors.
航空機供与や武装警護団派遣など、米国や英国の提案を軸に、監視団強化の具体化を急ぐべきだ。
Armed anti-Assad groups have declared they would take unrestrained military actions if the ceasefire accord is broken. Such a worst-case scenario must be averted by all means.
反体制派の武装組織は、停戦合意が崩れれば自由に軍事行動を取ると宣言している。そうした最悪の事態は回避せねばならない。
In the Security Council, the United States and European countries have been seeking measures such as economic sanctions to force President Assad to step down, bringing them into conflict with Russia and China, which oppose such actions.
安保理では、アサド大統領の退陣や経済制裁を求める欧米と、これに反対するロシア、中国が対立している。
===
Russia behind suppression
The opposition put up by Russia, in particular, has been hampering enforcement of anti-Syria sanctions.
特にロシアの抵抗が、対シリア制裁を妨げてきた。
Syria is an important importer of weapons from Russia, and Damascus provides the Russian Navy with supply bases.
背景には、シリアがロシアにとって重要な武器輸出先であり、露海軍に補給拠点も提供していることがある。
In a Russian-French summit meeting on Friday, Russian President Vladimir Putin, in response to French President Francois Hollande's argument in favor of anti-Syria sanctions, insisted sanctions "could not work," and there were no signs the differences of views could be narrowed.
１日の仏露首脳会談でも、対シリア制裁を主張するオランド仏大統領に対して、プーチン露大統領が「制裁は効果的ではない」と反論し、溝は埋まらなかった。
Given that Russia has long backed the Assad regime, it has a responsibility to firmly press Damascus to bring the bloodshed to an end.
アサド政権を支えてきたロシアには、流血停止をシリアに強く働きかける責任がある。
The United States and European countries have been imposing economic sanctions on Syria on their own.
欧米諸国は、シリアに対して独自の経済制裁を科している。
In the wake of the Houla massacre, they have asked Syrian ambassadors and others to leave. Following suit, Japan has also asked the Syrian ambassador to leave.
ホウラ事件後、シリア大使らに国外退去を求め、日本も同調した。
The Assad regime, whose main power base is the minority Alawis Muslim community, has ruled for years by relentlessly oppressing the people.
少数派のイスラム教アラウィ派を権力基盤とするアサド政権は、国民を抑圧し続けてきた。
The intensified suppression has shaken the legitimacy of the Assad regime even more, leaving no alternative but deeper international isolation.
弾圧強化で統治の正統性は一層揺らぎ、孤立を深めるばかりだ。
(From The Yomiuri Shimbun, June 3, 2012)
（2012年6月3日01時42分 読売新聞）
2012/06/04
円と人民元 日中貿易を拡大する直接取引
>>>上海市場の元の対円相場については、中国当局が毎日提示する基準値の上下３％内に１日当たりの変動幅が制限されている。
長期では市場の流れに従うべきでしょうが、一日当り３％の制限というのは妥当な線のかも。一日で無制限に上下を許すシステムのほうがおかしい。
（スラチャイ）
The Yomiuri Shimbun (Jun. 3, 2012)
Direct yen-yuan exchange expected to boost trade
円と人民元 日中貿易を拡大する直接取引（6月2日付・読売社説）
That the Japanese yen and the Chinese yuan, also known as the renminbi, can now be exchanged without going through the U.S. dollar is of major significance.
日本円と中国通貨・人民元を、ドルを介さずに直接交換できる意義は大きい。
Expectations are high that the enhanced convenience in yen-yuan exchanges will give impetus to trade and investment between Japan and China.
利便性の向上により、日中間の貿易や投資に弾みをつけたい。
Based on an agreement between the Japanese and Chinese governments, direct trading in the Japanese and Chinese currencies was launched on Friday on the Tokyo and Shanghai markets.
日中両国政府が合意し、円と元の直接取引が、１日から東京と上海の市場で始まった。
The yen is now the second major currency, after the dollar, to be allowed to directly trade with the yuan.
元との直接交換が認められた主要通貨は、米ドルに次いで円が２番目だ。
In the first day of direct yen-yuan trading on the Tokyo foreign exchange market, the rate closed at around 12.32 yen to the yuan.
初日の東京外国為替市場は、１元＝１２円３２銭前後で取引を終えた。
In Tokyo, it appeared that three megabanks--Bank of Tokyo Mitsubishi UFJ, Mizuho Bank and Sumitomo Mitsui Banking Corp.--took part in the trading. The yen-yuan deals in Shanghai on the initial day were done much the same way as on the Tokyo market.
３メガバンクなどが取引に参加したようだ。上海市場もほぼ同水準で取引が行われた。
The trading volume of the yen-yuan pair was not so large on the first day, marking a quiet start to direct trading. Future growth of the bilateral currency exchange markets is hoped for.
取引量はまだ多くなく、静かなスタートだが、今後、市場の成長が期待される。
The total value of trade between Japan and China, including both imports and exports, has shot up to about triple the level of a decade ago, currently standing at 27.5 trillion yen a year.
輸出と輸入を合わせた日中の貿易額は年間２７・５兆円に上り、１０年前の約３倍に膨らんでいる。
===
Lessening costs and risks
On the strength of direct trading, both the yen and the yuan will likely become more prominent on global foreign exchange markets, with trade and investments between the two countries expanding. It will be meaningful that the currencies of Asia's two biggest economies are likely to thus have a greater influence on the world's monetary system, now based on the dollar as the predominant hard currency.
直接取引をテコに、２国間の貿易や投資が拡大していくに連れ、円と元の存在感が高まるだろう。米ドルを基軸にした世界の通貨体制に、アジアの２大通貨が一石を投じる意味がある。
Until now, exchanges between the yen and the yuan have mostly been conducted by referring to their respective exchange rates against the dollar, the global circulation of which is large.
円と元の交換はこれまで、流通量が多いドルを仲立ちにした間接取引が中心となっている。
When a financial institution converts yen into yuan to provide companies with yuan under the conventional system, it is necessary to first convert yen into dollars before converting the dollars into yuan, a procedure with double the currency transaction costs of direct trading.
金融機関が円を元に交換したり、企業に元を受け渡したりする場合、いったん円をドルに替えた後、元に替えるという手続きが必要で、手数料も２度かかる。
By making use of direct trading, such dual procedures and transaction costs become unnecessary, helping reduce the costs that must be paid by financial institutions and companies engaging in import and export operations. The risk of yen-yuan rates being affected by erratic fluctuations of the dollar will also be mitigated.
直接取引を利用すれば、こうした二重の手続きと手数料が不要になり、金融機関や輸出入を行う企業はコストを削減できる。交換レートがドル相場の変動に左右されるリスクも低下するだろう。
The Japanese government plans to create in the future an "offshore market" dealing with yuan-denominated financial products in Tokyo for the purpose of reinvigorating the Tokyo market. The London and Singapore markets, too, have been keen to realize such offshore markets, and the Japanese government should make the envisioned Tokyo offshore yuan market a reality as early as possible.
日本政府は将来、元建て債券などの金融商品を取引する「オフショア市場」を東京に創設し、市場の活性化を図る考えだ。ロンドンやシンガポールも狙っている。早期実現を目指してほしい。
===
Beijing must ease regulations
China, for its part, has set the goal of expanding international use of the yuan to raise the unit's status as a key international currency. China has said the go-ahead Beijing has given to direct yen-yuan trading is part of efforts to accomplish this goal.
一方、中国は国際通貨として元の利用を拡大する「国際化」を進めようとしており、今回の措置もその一環と位置づけている。
China's foreign exchange reserves have swollen to a level exceeding 3 trillion dollars, a great majority of which is held in dollar form.
中国の外貨準備高は３兆ドル以上に膨らみ、そのうちの大半がドル資産とされる。
By means of the commencement of direct yen-yuan trading, Beijing seems to be placing a curb on the amount of money China receives from Japanese companies in dollars, with a view to lessening its dependence on the greenback in settling international trade.
円と元の直接取引開始で日本企業からのドルの受け取りを抑え、過度なドル依存から脱却する狙いもうかがえる。
There are many problems that have yet to be resolved, however.
ただ、課題は少なくない。
For one thing, the exchange rate of the yuan against the yen in the Shanghai market is allowed to fluctuate only within a limited range of 3 percent above or below a reference rate that is set daily by Chinese monetary authorities.
上海市場の元の対円相場については、中国当局が毎日提示する基準値の上下３％内に１日当たりの変動幅が制限されている。
In order to realize Beijing's goal of further facilitating the yuan's international use, it is imperative for China to have a more flexible stance in favor of accepting a wider range of fluctuations in the exchange rates of the yuan against the dollar and the yen. It is also urged to ease regulations involving financial and capital transactions across national borders as well as investments in China's domestic sectors.
中国が対ドルと対円でより柔軟な為替変動を容認し、国境を越えた金融・資本取引や国内の投資規制も緩和する。それが、元の一層の国際化には不可欠だ。
(From The Yomiuri Shimbun, June 2, 2012)
（2012年6月2日01時10分 読売新聞）
長期では市場の流れに従うべきでしょうが、一日当り３％の制限というのは妥当な線のかも。一日で無制限に上下を許すシステムのほうがおかしい。
（スラチャイ）
The Yomiuri Shimbun (Jun. 3, 2012)
Direct yen-yuan exchange expected to boost trade
円と人民元 日中貿易を拡大する直接取引（6月2日付・読売社説）
That the Japanese yen and the Chinese yuan, also known as the renminbi, can now be exchanged without going through the U.S. dollar is of major significance.
日本円と中国通貨・人民元を、ドルを介さずに直接交換できる意義は大きい。
Expectations are high that the enhanced convenience in yen-yuan exchanges will give impetus to trade and investment between Japan and China.
利便性の向上により、日中間の貿易や投資に弾みをつけたい。
Based on an agreement between the Japanese and Chinese governments, direct trading in the Japanese and Chinese currencies was launched on Friday on the Tokyo and Shanghai markets.
日中両国政府が合意し、円と元の直接取引が、１日から東京と上海の市場で始まった。
The yen is now the second major currency, after the dollar, to be allowed to directly trade with the yuan.
元との直接交換が認められた主要通貨は、米ドルに次いで円が２番目だ。
In the first day of direct yen-yuan trading on the Tokyo foreign exchange market, the rate closed at around 12.32 yen to the yuan.
初日の東京外国為替市場は、１元＝１２円３２銭前後で取引を終えた。
In Tokyo, it appeared that three megabanks--Bank of Tokyo Mitsubishi UFJ, Mizuho Bank and Sumitomo Mitsui Banking Corp.--took part in the trading. The yen-yuan deals in Shanghai on the initial day were done much the same way as on the Tokyo market.
３メガバンクなどが取引に参加したようだ。上海市場もほぼ同水準で取引が行われた。
The trading volume of the yen-yuan pair was not so large on the first day, marking a quiet start to direct trading. Future growth of the bilateral currency exchange markets is hoped for.
取引量はまだ多くなく、静かなスタートだが、今後、市場の成長が期待される。
The total value of trade between Japan and China, including both imports and exports, has shot up to about triple the level of a decade ago, currently standing at 27.5 trillion yen a year.
輸出と輸入を合わせた日中の貿易額は年間２７・５兆円に上り、１０年前の約３倍に膨らんでいる。
===
Lessening costs and risks
On the strength of direct trading, both the yen and the yuan will likely become more prominent on global foreign exchange markets, with trade and investments between the two countries expanding. It will be meaningful that the currencies of Asia's two biggest economies are likely to thus have a greater influence on the world's monetary system, now based on the dollar as the predominant hard currency.
直接取引をテコに、２国間の貿易や投資が拡大していくに連れ、円と元の存在感が高まるだろう。米ドルを基軸にした世界の通貨体制に、アジアの２大通貨が一石を投じる意味がある。
Until now, exchanges between the yen and the yuan have mostly been conducted by referring to their respective exchange rates against the dollar, the global circulation of which is large.
円と元の交換はこれまで、流通量が多いドルを仲立ちにした間接取引が中心となっている。
When a financial institution converts yen into yuan to provide companies with yuan under the conventional system, it is necessary to first convert yen into dollars before converting the dollars into yuan, a procedure with double the currency transaction costs of direct trading.
金融機関が円を元に交換したり、企業に元を受け渡したりする場合、いったん円をドルに替えた後、元に替えるという手続きが必要で、手数料も２度かかる。
By making use of direct trading, such dual procedures and transaction costs become unnecessary, helping reduce the costs that must be paid by financial institutions and companies engaging in import and export operations. The risk of yen-yuan rates being affected by erratic fluctuations of the dollar will also be mitigated.
直接取引を利用すれば、こうした二重の手続きと手数料が不要になり、金融機関や輸出入を行う企業はコストを削減できる。交換レートがドル相場の変動に左右されるリスクも低下するだろう。
The Japanese government plans to create in the future an "offshore market" dealing with yuan-denominated financial products in Tokyo for the purpose of reinvigorating the Tokyo market. The London and Singapore markets, too, have been keen to realize such offshore markets, and the Japanese government should make the envisioned Tokyo offshore yuan market a reality as early as possible.
日本政府は将来、元建て債券などの金融商品を取引する「オフショア市場」を東京に創設し、市場の活性化を図る考えだ。ロンドンやシンガポールも狙っている。早期実現を目指してほしい。
===
Beijing must ease regulations
China, for its part, has set the goal of expanding international use of the yuan to raise the unit's status as a key international currency. China has said the go-ahead Beijing has given to direct yen-yuan trading is part of efforts to accomplish this goal.
一方、中国は国際通貨として元の利用を拡大する「国際化」を進めようとしており、今回の措置もその一環と位置づけている。
China's foreign exchange reserves have swollen to a level exceeding 3 trillion dollars, a great majority of which is held in dollar form.
中国の外貨準備高は３兆ドル以上に膨らみ、そのうちの大半がドル資産とされる。
By means of the commencement of direct yen-yuan trading, Beijing seems to be placing a curb on the amount of money China receives from Japanese companies in dollars, with a view to lessening its dependence on the greenback in settling international trade.
円と元の直接取引開始で日本企業からのドルの受け取りを抑え、過度なドル依存から脱却する狙いもうかがえる。
There are many problems that have yet to be resolved, however.
ただ、課題は少なくない。
For one thing, the exchange rate of the yuan against the yen in the Shanghai market is allowed to fluctuate only within a limited range of 3 percent above or below a reference rate that is set daily by Chinese monetary authorities.
上海市場の元の対円相場については、中国当局が毎日提示する基準値の上下３％内に１日当たりの変動幅が制限されている。
In order to realize Beijing's goal of further facilitating the yuan's international use, it is imperative for China to have a more flexible stance in favor of accepting a wider range of fluctuations in the exchange rates of the yuan against the dollar and the yen. It is also urged to ease regulations involving financial and capital transactions across national borders as well as investments in China's domestic sectors.
中国が対ドルと対円でより柔軟な為替変動を容認し、国境を越えた金融・資本取引や国内の投資規制も緩和する。それが、元の一層の国際化には不可欠だ。
(From The Yomiuri Shimbun, June 2, 2012)
（2012年6月2日01時10分 読売新聞）
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